Zurich Financial revises annual net profit upward by $747 million

Zurich Financial revises 2009 net profit upward

ZURICH — Swiss insurer Zurich Financial on Thursday revised its annual net profit upward by $747 million, citing accounting changes related to hedging in the U.S. life insurance market.

The company put its new net profit for 2009 at $3.98 billion.

Reported annual earnings per share rose to 29.87 Swiss francs ($27.90) from 24.21 francs as a result.

Shares in Zurich fell 0.2 percent to 266.20 francs.